Asos full-year profits fall 14% as it promotes finance boss Nick Beighton to chief operating officer

Group sales advanced 27% to £975.5m over the year to August 31 driven by a 35% jump in UK sales. International sales increased 22%.

However, margin dipped 210 basis points as it was forced to discount after currency fluctuations hit sales in its overseas arm.

Asos is set to launch zonal pricing in a number of its key territories before Christmas peak to allow it to offer locally competitive pricing.

The retailer was also hit by disruption from the investment it is making to its warehouse, the launch of its Chinese website, where it invested £8.6m, and the fire at its Barnsley distribution centre.

Asos chief executive Nick Robertson said: “Asos has always been about the longer journey to a very big prize: to be the world’s leading fashion destination for 20-somethings, and we are firmly focused on our next staging post of £2.5bn sales.”

The retailer is investing in logistics, its price proposition and the £75m in technology over the next two years, will mean profit next year will be on a similar level to this year.

Beighton, who has been at Asos for five years, takes up the chief operating officer post immediately. This will add retail and international to his existing responsibilities of finance, IT, supply chain and logistics. The move will free up Robertson to concentrate on strategy, customer experience and marketing.

Robertson said: “Nick and I have worked together for five years during which time he has taken on a growing number of operational responsibilities. This appointment is a logical progression for Asos.

“Nick’s broadened role will allow him to play to his operational strengths, at the same time further strengthening the management team. This move frees me up to focus on strategy and growth as we head for our next staging post of £2.5bn of sales.”

The retailer has begun the hunt for a new chief financial officer.